diff --git a/onnxruntime/core/providers/openvino/ov_allocator.cc b/onnxruntime/core/providers/openvino/ov_allocator.cc
index 0e5ff8ff98efb..431f5730c0342 100644
--- a/onnxruntime/core/providers/openvino/ov_allocator.cc
+++ b/onnxruntime/core/providers/openvino/ov_allocator.cc
@@ -10,12 +10,6 @@ namespace onnxruntime {
 
 using namespace openvino_ep;
 
-constexpr size_t default_alignment = 4096;
-
-static inline size_t align_up(size_t size, size_t pow2_alignment) {
-  return (size + pow2_alignment - 1) & ~(pow2_alignment - 1);
-}
-
 OVRTAllocator::OVRTAllocator(ov::Core& core, OrtDevice::DeviceType device_type, OrtDevice::DeviceId device_id, const char* name) : IAllocator(OrtMemoryInfo(name, OrtAllocatorType::OrtDeviceAllocator, OrtDevice(device_type, OrtDevice::MemType::DEFAULT, device_id), device_id, OrtMemTypeCPUInput)), core_(core) {
   if (device_type == OrtDevice::NPU) {
     remote_ctx_ = core_.get_default_context("NPU").as<ov::intel_npu::level_zero::ZeroContext>();
@@ -26,16 +20,11 @@ OVRTAllocator::OVRTAllocator(ov::Core& core, OrtDevice::DeviceType device_type,
 
 void* OVRTAllocator::Alloc(size_t size) {
   try {
-    size_t alloc_size = align_up(size + sizeof(ov::Tensor*) + default_alignment, default_alignment);
     ov::Tensor* tensor = new ov::Tensor(remote_ctx_.create_host_tensor(ov::element::Type_t::u8,
-                                                                       {alloc_size}));
-    uintptr_t data_ptr = reinterpret_cast<uintptr_t>(tensor->data());
-
-    ov::Tensor** ptr = reinterpret_cast<ov::Tensor**>(align_up(data_ptr + sizeof(ov::Tensor*), default_alignment));
-    ptr[-1] = tensor;
-
-    return reinterpret_cast<void*>(ptr);
-
+                                                                       {size}));
+    std::unique_lock lock(mutex_);
+    allocated_.insert({tensor->data(), tensor});
+    return reinterpret_cast<void*>(tensor->data());
   } catch (const ov::Exception& e) {
     ORT_THROW(std::string("Alloc failed: ") + e.what());
   }
@@ -43,8 +32,14 @@ void* OVRTAllocator::Alloc(size_t size) {
 
 void OVRTAllocator::Free(void* p) {
   try {
-    ov::Tensor** ptr = reinterpret_cast<ov::Tensor**>(p);
-    delete ptr[-1];
+    std::unique_lock lock(mutex_);
+    auto it = allocated_.find(p);
+    if (it != allocated_.end()) {
+      ov::Tensor* tensor = it->second;
+      allocated_.erase(it);
+      lock.unlock();
+      delete tensor;
+    }
   } catch (const ov::Exception& e) {
     ORT_THROW(std::string("Free failed: ") + e.what());
   }
diff --git a/onnxruntime/core/providers/openvino/ov_allocator.h b/onnxruntime/core/providers/openvino/ov_allocator.h
index 083cfc4d5aed3..f6e87111f47ff 100644
--- a/onnxruntime/core/providers/openvino/ov_allocator.h
+++ b/onnxruntime/core/providers/openvino/ov_allocator.h
@@ -3,9 +3,12 @@
 #ifdef USE_OVEP_NPU_MEMORY
 #pragma once
 
+#include <mutex>
+
 #include "core/common/inlined_containers.h"
 #include "core/framework/allocator.h"
 #include "openvino/runtime/remote_context.hpp"
+#include "core/common/inlined_containers.h"
 
 namespace onnxruntime {
 
@@ -18,6 +21,8 @@ class OVRTAllocator : public IAllocator {
  private:
   ov::Core& core_;
   ov::RemoteContext remote_ctx_;
+  InlinedHashMap<void*, ov::Tensor*> allocated_;
+  std::mutex mutex_;
 };
 
 }  // namespace onnxruntime